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Earnings Per Share
 9 Months Ended
Dec. 27, 2014
Earnings Per Share  
Earnings Per Share

10.Earnings Per Share

 

Earnings per share is computed under the provisions of FASB ASC Topic 260, Earnings Per Share. Basic earnings per share is computed based on the weighted average number of outstanding shares of common stock during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method, whereby proceeds from such exercise, unamortized compensation and hypothetical excess tax benefits, if any, on share-based awards are assumed to be used by the Company to purchase the common shares at the average market price during the period. Dilutive potential shares of common stock represent outstanding stock options. The dilutive effect of stock options and restricted stock is applicable only in periods of net income.

 

As discussed in Note 6, “Stock-Based Compensation”, holders of vested stock options received a cash payment of $1.4 million, which the Company deducted from net income for purposes of the earnings per share calculation to determine the net income available for common shareholders. This resulted in net income available for common stockholders of $9.7 million for purposes of the earnings per share calculation for the thirty-nine weeks ended December 27, 2014.

 

The components of basic and diluted loss per share of common stock, in aggregate, for the thirteen and thirty-nine weeks ended December 27, 2014 and December 28, 2013 are as follows (in thousands, except per share amounts):

 

 

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

 

 

 

December 27,
2014

 

December 28,
2013

 

December 27,
2014

 

December 28,
2013

 

 

 

 

 

 

 

 

 

 

 

Net income attributed to Boot Barn Holdings, Inc.

 

$
8,763

 

$
6,339

 

$
11,116

 

$
3,579

 

Less: Cash payment to holders of vested options

 

$

—

 

$

—

 

$
(1,443

)

$

—

 

Net income available for common stockholders

 

$
8,763

 

$
6,339

 

$
9,673

 

$
3,579

 

 

 

 

 

 

 

 

 

 

 

Weighted average basic shares outstanding

 
23,704

 
18,929

 
20,928

 
18,929

 

Dilutive effect of stock options

 
852

 
503

 
671

 
344

 

Weighted average diluted shares outstanding

 
24,556

 
19,432

 
21,599

 
19,273

 

Basic earnings per share

 

$
0.37

 

$
0.33

 

$
0.46

 

$
0.19

 

Diluted earnings per share

 

$
0.36

 

$
0.33

 

$
0.45

 

$
0.19

 

 

Options to purchase 237,150 shares and 478,692 shares of common stock were outstanding during the thirteen and thirty-nine weeks ended December 27, 2014, respectively, but were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would have been anti-dilutive. Options to purchase 611,440 shares and 1,249,380 shares of common stock were outstanding during the thirteen and thirty-nine weeks ended December 28, 2013, respectively, but were not included in the computation of weighted average diluted common shares outstanding as the effect of doing so would have been anti-dilutive.